Singapore accountants "need to offer more high value-added services"

SINGAPORE - Accounting professionals in Singapore should go beyond providing traditional audit services to offering more high value-added corporate advisory services as well, said Minister of State for Trade and Industry Teo Ser Luck on Thursday.

These include business valuation, internal audit, risk management and international tax, he said in a speech at the Singapore Accountancy Convention's ISCA Accounting Conference, organised by the Institute of Singapore Chartered Accountants (ISCA).

Referring to the theme of this year's conference, which was held at Marina Bay Sands, Mr Teo said accountants need to "stay ahead of the curve" amid the fast-changing global business environment and more complex regulations.

Apart from growing their service offerings, accountants could also advise on more than just company financials. In integrated reporting, for instance, corporate information is bundled with financial reports to present a more holistic view of a company, he said.